- These schemes are favourites in bank exams (IBPS, SBI, RBI) and appear regularly in SSC and UPSC papers.
- Exams focus on four details: launch date, age limits, premium or loan limit and implementing ministry or agency.
- Most of these schemes are run by the Department of Financial Services, Ministry of Finance, through banks.
Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Launched on August 28, 2014 to give every household a basic bank account. Accounts can be opened with zero balance.
- Account holders get a RuPay debit card with built-in accident insurance (₹2 lakh for accounts opened after August 28, 2018) and an overdraft of up to ₹10,000.
- It is the "J" in the JAM trinity — Jan Dhan, Aadhaar and Mobile — which made Direct Benefit Transfer (DBT) possible.
The Three Jan Suraksha Schemes
| PMJJBY | PMSBY | Atal Pension Yojana | |
|---|---|---|---|
| Type | Life insurance | Accident insurance | Pension |
| Launched | May 9, 2015 (Kolkata) | ||
| Entry age | 18–50 | 18–70 | 18–40 |
| Cost | ₹436 a year | ₹20 a year | Monthly contribution based on age and chosen pension |
| Benefit | ₹2 lakh on death from any cause | ₹2 lakh on accidental death or full disability; ₹1 lakh on partial disability | Guaranteed pension of ₹1,000–₹5,000 a month from age 60 |
| Run by | LIC and other insurers via banks | Public sector general insurers via banks | PFRDA, under the National Pension System framework |
PMJDYAug 28, 2014
PMJJBY premium₹436/yr
PMSBY premium₹20/yr
APY entry age18–40
Mudra launchedApril 8, 2015
Stand-Up IndiaApril 5, 2016
Credit Schemes for Small Businesses
| Scheme | Launched | Key features |
|---|---|---|
| PM Mudra Yojana | April 8, 2015 | Collateral-free loans for non-farm micro enterprises in four categories: Shishu (up to ₹50,000), Kishore (₹50,000–₹5 lakh), Tarun (₹5–10 lakh) and Tarun Plus (₹10–20 lakh, for borrowers who have repaid a Tarun loan, added in 2024) |
| Stand-Up India | April 5, 2016 | Bank loans of ₹10 lakh to ₹1 crore for a new (greenfield) enterprise to at least one SC/ST borrower and one woman borrower per bank branch |
| PM SVANidhi | June 2020 | Working-capital loans for street vendors, with interest subsidy and cashback on digital payments; run by the Ministry of Housing and Urban Affairs |
| Credit Guarantee Fund Trust for Micro and Small Enterprises | 2000 | Guarantees collateral-free loans to MSMEs; set up by the Ministry of MSME and SIDBI |
Pensions and Savings for Workers
- PM Shram Yogi Maan-dhan (2019) — a voluntary, contributory pension of ₹3,000 a month from age 60 for unorganised workers aged 18–40 earning up to ₹15,000 a month; the government matches the worker's contribution.
- National Pension System — regulated by PFRDA; open to all citizens aged 18–70.
- Sukanya Samriddhi Yojana (2015) — a small savings account for girls under 10, launched with Beti Bachao Beti Padhao.
Payments Infrastructure
UPI was launched in 2016 by the National Payments Corporation of India (NPCI), which also runs RuPay, IMPS and the Aadhaar-enabled Payment System (AePS). DBT began on January 1, 2013 and now carries most central subsidies and benefits straight into bank accounts.
- Comparison questions: premium and age of PMJJBY vs PMSBY — options swap ₹436 and ₹20, or 50 and 70.
- Mudra categories and their limits, especially the newer Tarun Plus.
- Agency questions: "APY is administered by…" (PFRDA); "UPI was developed by…" (NPCI).
Q1. What is the annual premium for the Pradhan Mantri Suraksha Bima Yojana (PMSBY)?
✅ Answer: (b) ₹20
💡 Explanation: PMSBY costs ₹20 a year since June 2022 (it was ₹12 earlier).
Q2. The Atal Pension Yojana is administered by:
✅ Answer: (a) PFRDA
💡 Explanation: APY is run under the NPS architecture by the Pension Fund Regulatory and Development Authority.
Q3. Under PM Mudra Yojana, loans up to ₹50,000 fall in the category:
✅ Answer: (c) Shishu
💡 Explanation: Shishu covers loans up to ₹50,000.
Q4. The maximum entry age for the Pradhan Mantri Jeevan Jyoti Bima Yojana is:
✅ Answer: (d) 50
💡 Explanation: PMJJBY is open to people aged 18–50; PMSBY goes up to 70.
Q5. Stand-Up India provides loans to:
✅ Answer: (d) SC/ST and women entrepreneurs for greenfield enterprises
💡 Explanation: Each bank branch must lend ₹10 lakh–₹1 crore to at least one SC/ST and one woman borrower.
🔁 Revise in 60 Seconds
- PMJDY Aug 28, 2014: zero balance, RuPay card, ₹10,000 overdraft; JAM trinity.
- May 9, 2015: PMJJBY (₹436, 18–50, ₹2 lakh life), PMSBY (₹20, 18–70, ₹2 lakh accident), APY (18–40, ₹1,000–5,000 pension, PFRDA).
- Mudra (2015): Shishu ≤₹50k, Kishore ≤₹5 lakh, Tarun ≤₹10 lakh, Tarun Plus ≤₹20 lakh.
- Stand-Up India 2016 (SC/ST & women); SVANidhi 2020 (street vendors).
📌 Prelims Traps to Avoid
- ✘ PMJJBY covers death from any cause; PMSBY covers only accidents.
- ✘ Mudra loans go through banks and MFIs — the Mudra agency itself refinances lenders rather than lending directly.
- ✘ APY entry is up to age 40, not 50 or 60.
What is the difference between PMJJBY and PMSBY?
PMJJBY is life insurance: ₹2 lakh on death from any cause, for ages 18–50, at ₹436 a year. PMSBY is accident insurance: ₹2 lakh on accidental death or full disability, for ages 18–70, at ₹20 a year.
What are the categories of Mudra loans?
Shishu (up to ₹50,000), Kishore (₹50,000 to ₹5 lakh), Tarun (₹5 lakh to ₹10 lakh) and Tarun Plus (₹10 lakh to ₹20 lakh, for borrowers who have successfully repaid a Tarun loan).